• Gold edged down to a 7-week low on Tuesday, as equities and the dollar were buoyed in Asian trade by upbeat economic data and strong U.S. treasury yields.
Spot gold was down 0.1 percent at $1,269.20 an ounce by 0337 GMT, after earlier touching its lowest since mid-August at $1,267.76.
U.S. gold futures for December delivery shed 0.3 percent to $1,272 an ounce.
• “Gold no doubt is struggling for the moment as at least three variables are arrayed against it, namely, a stronger dollar, a higher rate environment and possibly a reduction in tensions with North Korea if tentative contacts revealed over the weekend amount to something,” INTL FCStone analyst Edward Meir said in a note.
“We see gold possibly getting to a low of $1,245 before running into some credible support.”
• Spot gold may find support in a zone of $1,260-$1,263 per ounce, and then start a decent bounce, Reuters technicals analyst Wang Tao said.
In other precious metals, silver had edged down 0.2 percent to $16.51 an ounce after earlier matching its lowest since Aug.9, which it originally hit yesterday.
• Platinum and palladium were both 0.3 percent lower at $908.25 and $906.75 an ounce respectively, having hit price parity for the first time in 16 years last week.
Reference: Reuters
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